For Immediate Release:
January 5, 2021
Treasurer’s Office Issues $300,000 Local Direct Investment Towards Construction of Newman Lake Fire & Rescue Training Facilities
Spokane County, WA – The Treasurer of Spokane County announced today a new local direct investment (LDI) issuance with Newman Lake Fire & Rescue (NLFR) totaling $300,000 repaid over a five-year term. The completed local investment supplements the district’s financing of a new training tower and burn building that when completed will be open for recruit academies, ongoing fire suppression training, and regional fire safety trainings.
Utilizing district funds and Treasurer’s Office financing, Newman Lake Fire & Rescue is preparing to break ground, spring of 2021, on a new training tower and burn building that will service the district. The new facilities will provide space for EMS and live fire training as well as equipment storage. The district intends to make its live fire training space available to area fire districts.
“Supporting our area first responders is one of the many benefits of our local direct investment program at the Treasurer’s Office” said Michael Baumgartner, Treasurer of Spokane County “Newman Lake Fire & Rescue approached us with a plan to enhance the quality of their service to their citizens through constructing new training facilities and we are pleased to help bring this project to life.”
The Treasurer of Spokane County manages the investment of nearly $1.3 billion in local government cash reserves. Up to five percent of the pooled investment fund may be invested locally through the LDI program. Local Direct Investments are offered at competitive rates to public investment participants earning interest while also saving taxpayer dollars on public projects versus securing private financing.
Since 1949, Newman Lake Fire & Rescue has provided emergency response to the citizens of its district. Servicing twenty-three square miles, Newman Lake Fire & Rescue is staffed by twenty volunteer firefighters who must meet the same state and federal requirements of paid departments. Firefighters with Newman Lake Fire & Rescue provide structural and wild land firefighting and basic life support.
Newman Lake Fire & Rescue Chief Stan Cooke added, “This loan program is so advantageous for our plans of improving our training which directly affects our service delivery. It allows us to protect our budget reserves, get our facilities built now rather than waiting two years, and it costs NLFR very little to implement this loan/construction plan and still be fiscally responsible. Our fire fighters have needed a burn building for many years, and everyone is so excited for the chance of taking their game to another level.”
The Treasurer of Spokane County collects, safeguards and invests the public’s funds. Managing approximately $1.3 billion in invested local government cash reserves, the Spokane Public Investment Fund provides safety, liquidity and then return on investment to over 80 regional government entities.